Staff Reporter
,
Hong Kong
Photo by Jimmy Chan on Pexels
It is because of increased weighted funding costs for deposits.
The composite interest rate rose to 2.17% at the end of January from December 2022’s 2.11%, according to the Hong Kong Monetary Authority.
Read more: HKMA raises its base rate to 5.00%
The rise is due to the increased weighted funding costs for deposits during the last month.
Meanwhile, the Monetary Authority recorded a 3-month Hong Kong Interbank Offered Rate (HIBOR) of 3.67%
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